Medicare Supplement Plan G coverage is closely similar to that of Plan F, with one exception; the Medicare Part B deductible needs to be paid out-of-pocket. As soon as the out-of-pocket costs reach the stated Medicare Part B deductible, Medicare Supplement Plan G provides complete coverage for every gap in Medicare, making it the most comprehensive Medigap plan available for new enrollees. The policy premium of Medigap Plan G is a reflection of the comprehensive coverage it provides. Most policyholders are willing to put up the additional cost of premium associated with the policy to have most gaps covered.
Medicare Supplemental insurance plans can be purchased from private insurance carriers. These plans are federally standardized, meaning a letter-labeled plan sold by an insurance carrier in a certain state offers the same base benefits as the same letter-labeled plan sold by another insurance carrier in another state. The key difference between these policies is the price, however, base benefits must be uniform across all companies.
Medicare Plan G Eligibility
Before covering Medicare Supplement Plan G benefits, here are the general eligibility requirements for Medicare Supplement Plan G:
– You are at least 65 years of age, a U.S. citizen, or permanent legal resident for at least five consecutive years
– You are currently receiving retirement benefits.
– You are disabled and receiving disability benefits
– You have End-Stage Renal Disease (ESRD)
– You have Lou Gehrig’s Disease (ALS).
What does Medigap Plan G Cover?
– Coinsurance and hospital costs for Medicare Part A up to 365 days after Original Medicare benefits are depleted
– Deductible for Medicare Part A
– Coinsurance and copays for Medicare Part B
– Excess charges for Medicare Part B
– The first three pints of blood
– Part A hospice care coinsurance & copay with room & board
– Coinsurance for skilled nursing facilities
– Limited foreign travel emergency care
The policy does not cover:
– Routine vision care
– Routine dental care
– Hearing aids and routine hearing tests
– Cosmetic surgery
– Prescription drugs
– Medicare Part B deductible
Medicare Supplement Plan G Cost
Every year, the government establishes the costs associated with Medicare Supplement Insurance Plan G. This includes your deductibles, premiums, and out-of-pocket expenses. Because Medicare Supplement insurance Plan G is one of the more comprehensive Medigap policies, the premium is a reflection of that coverage. The exact cost, however, may vary from one insurance company to another, but all the base benefits remain uniform regardless of which insurance company sells it or where it is sold.
Medicare Supplement Plan G High Deductible
There is a less expensive alternative to this comprehensive policy, where the beneficiary must meet a higher deductible. A high deductible version of this policy dictates that beneficiaries must pay out-of-pocket costs for the first $2,340 in 2020. As soon as you meet the required deductible, you receive the same benefits under as-is under normal coverage.
Is Plan G coverage good for you?
With the government announcing the restrictions on certain supplemental policies, it’s a good idea to take a look at our chart above and compare Plan G with similar policies.
When comparing Medicare Supplement Plan G vs F, Medicare Supplement Plan G also provides relatively comprehensive benefits. Whether you were thinking to enroll in a regular Medicare Supplemental Plan F or the high deductible version, Plan G can offer you very similar coverage options with the exception of the Medicare Part B deductible. Plus, Medicare Plan G is available for new enrollees after January 1st, 2020.
Another relatively comprehensive policy, after that of Medigap policies F & G, would be N. In comparing Medicare Supplement Plan G vs N, N has the same benefits as G except for coverage on Part B excess charges. Additionally, N covers the Medicare Part A deductible at 50% as opposed to G’s 100%.